Amendment status not verified — confirm the current text below against the official source.
(1) Every institution shall pay annually for meeting the cost of auditing its accounts such sum not exceeding one and a half per cent of its income as the Board may determine. (2) All sums paid in pursuance of sub-section (1) shall be credited to a fund called the Audit Fund and shall be utilised only for the purpose of meeting the cost of auditing the accounts of the institution including the cost of any staff maintained for auditing the accounts of the institution. (3) The annual payment referred to in sub-section (1) shall be made notwithstanding anything to the contrary contained in any scheme settled under Part II of this Act for the institution. (4) If the trustee fails to pay the amount aforesaid within the time fixed by the Board, such amount may be recovered by the President as if it were an arrear of revenue under the Revenue Recovery Act, for the time being in force.